September, 2024
According to Rightmove House Price Index, the average price of property coming to the market for sale sees a seasonal drop of 1.5% this month (-£5,708) to £367,785. New seller asking prices have fallen in the month of August for the past 18 years, and the size of this month’s drop is in line with the long-term average. The distractions of school summer holidays traditionally bring a dip in prices, as some buyers put their home-moving plans on hold to enjoy holidays or time with family. This also means that new sellers who do come to market at this quieter time of year may have a pressing need to sell, which means they tend to price more competitively. However, summer sellers this year may find that there is a degree of buyer buzz around the market that was missing in the peak-mortgage-rate market at this time last year. As anticipated in Rightmove’s July report, the first Bank of England rate cut for four years at the start of the month has helped to accelerate mortgage rate drops and contributed significantly to improved buyer demand. These better conditions are helping to set up a positive Autumn market, and a further spur to activity following the Bank Rate cut has led Rightmove to raise its 2024 forecast from a 1% drop over the whole of 2024 to a 1% rise in new seller asking prices.
According to Nationwide House Price Index, UK house prices fell 0.2% month on month in August and annual growth rate picked up to 2.4%, from 2.1% in July. This is the fastest pace of annual growth since December 2022. Energy efficiency becoming more important in influencing what buyers will pay for a home
Properties in Solihull had an overall average price of £381,695 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £363,316. Flats sold for an average of £191,443, with detached properties fetching £680,813.
Overall, sold prices in Solihull over the last year were 4% down on the previous year and similar to the 2021 peak of £379,842.
Houses in the region are taking on average 58 days to go under offer, from the 61 days we saw in July.
Since the Bank of England announced their interest rate reduction, there has been a significant increase in number of buyers contacting estate agents and new properties coming to the market. This increased activity is seen in the number of days properties are taking to go under offer, and the more sold boards we are seeing out and about. There are still some uncertainties ahead with the October budget fast approaching, but the market in general remains strong.
If you are interested to know what your property is worth, please click here to book a market appraisal.Alternatively, call the office on 0121 430 4448 or email enquiries@hshomesofsolihull.co.uk
